The
cabinet would do its best to stabilise the macro-economy and contain inflation,
the last cabinet meeting of the year heard yesterday.

Chaired
by Prime Minister Nguyen Tan Dung and his deputies, the two-day meeting was
attended by ministers as well as leaders of 63 provinces and central-level
cities to discuss the agenda to achieve socio-economic targets set by the
National Assembly for next year.

The
country achieved almost all the targets set for 2010 against the odds, said
deputy Prime Minister Nguyen Sinh Hung, adding that Viet Nam was now an middle-income
class country.

The
cabinet reviewed measures undertaken to stabilise the macro-economy, contain
inflation and achieve a growth rate target of 6.5 per cent during the outgoing
year.

Strict
Government management since the beginning of the year had helped the country’s
economy rebound in most industries,concluded the cabinet.

The
country experienced quarter-on-quarter growth, said Minister of Planning and
Investment Vo Hong Phuc.

The
business environment had fared well, and 84,000 new household businesses came
into existence during the year with registered capital of around VND1.3
trillion (US$65 million), the minister noted.

The
Finance Ministry adjusted the prices of several essential commodities,
including electricity and oil, to gradually match market prices in
collaboration with the Ministry of Trade and Industry, according to Finance
Minister Vu Van Ninh.

When the
market prices rose, the ministries tried to keep prices of essential commodities,
which are still regulated by the Government, under control.

Deputy
Prime Minister Hung cited the projected low growth of the world economy, huge
overspending and high interest rates as obstacles facing the country’s economy
next year.

Several
ministers also raised persistent problems like trade and budget deficits and
poor investment efficiency, among others.

Source: VNS